US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

The US Treasury Department has announced a $344 million cryptocurrency freeze as part of its efforts to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control is sanctioning multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will target all financial channels supporting the regime as part of its 'Economic Fury' campaign. This move follows Tether's blacklisting of two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department noted that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has been increasingly using crypto to circumvent restrictions, employing complex transaction patterns to obscure its involvement in cross-border payments. The US is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities, and has also sanctioned a China-based refinery for its role in Iran's oil economy.